Electric motors is a machine that converts electrical energy into mechanical energy. The machine that converts mechanical to electrical energy and vice versa is known as a generator. Electric motors are classified into two types typically AC motors and DC motors. These motors are used in industrial, residential, commercial and other (transportation, agriculture) end-use sectors for various applications. The global electric motors market was valued at around US$ 88.6 Bn in 2016, and is expected to register a CAGR of 4.7% over the forecast period (2017–2027).
Factors influencing global electric motors market growth
Manufacturing techniques have transformed significantly over the past century. In comparison to skilled labour, machines have emerged as a more efficient method of performing complex tasks and the scenario has further changed completely after the inclusion of robotic technologies in manufacturing. The ongoing technological advancements in manufacturing techniques and demand for cost competiveness and increased productivity has made automation an inevitable part of modern industries. The increased automation and robotics in the manufacturing sector is expected to emerge as a key factor fuelling market growth.
Furthermore, with the rising consumer awareness to conserve energy coupled with government regulations focussed on minimising energy consumption has resulted in high demand for energy efficient products. Stringent regulations will compel industries to replace existing motors and use motors with high efficiency, which in turn will drive market growth.
Also, with rapid urbanisation across countries, there has been an increase in demand for HVAC systems from commercial as well domestic sectors. The demand for heating systems in colder regions has also been increasing. These systems provide comfort to people in colder regions as well as maintain the economy of scale utilising limited energy. Demand for such HVAC systems is anticipated to create significant opportunities in the electric motors market over the forecast period.
Global Electric Motors Market Analysis by Region
From a regional perspective, the electric motors market in APEJ region is anticipated to dominate the global market in terms of volume and value demand. The region is also expected to remain the fastest growing in terms of CAGR growth over the forecast period. The market in the APEJ region will significantly be driven by demand from developing nations such as India and China. APEJ countries such as China and India are establishing more number of manufacturing firms to cater to domestic demand which will impact the growth of electrical motors.
The growth of the region will be supplemented by the positive macro-economic environment coupled with a robust growth of the industrial sector. The market in APEJ was valued at US$ 34.3 Bn in 2016, and is estimated to reach US$ 35.8 Bn by the end of 2017. APEJ is expected to create an incremental $ opportunity of US$ 25.0 Bn during the forecast period and is projected to reach a market valuation of US$ 60.8 Bn by the end of the forecast period in 2027.
North America is anticipated to be the next big regional market for electric motors, accounting for a value share of 21.0% by end of the forecast period in 2027. Incremental $ opportunity generated by the North America regional market is expected to be 4.8X of the incremental opportunity generated by the Latin America electric motors market. Japan is expected to witness a steady increase in the incremental $ opportunity created during the forecast period.
Electric Motors Market: APEJ Expected to Remain a High-Volume High-Value Market During the Forecast Period: Global Industry Analysis (2012 - 2016) and Opportunity Assessment (2017 - 2027)Buy Now
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